shall in exchange for currency notes or bank notes of two rupees or upwards, supply currency notes or bank notes of lower value or other ... high denomination bank notes. The Act defines High Denomination Bank Note as bank note of the denominational value of rupees one thousand, five thousand
similar back drop in connection with
treatment of the encashment of high denomination notes by the
assessee therein on the promulgation of High Denomination Bank ... received in high
denomination notes had been noted. Portions of these entries to the
effect that moneys had been received in high denomination notes were
Ordinance came into force high
denomination currency notes could be used as freely as notes of any
lower denomination and no one had any idea ... amount in high denomination
notes by the assessee and having considered other possible sources of
receipt of Rs. 1,000 denomination notes, was justified
explanation why this high denomination currency is to be printed. According to the definition in the Bill, the high denomination bank notes means, in other ... denominations. This will facilitate meeting the demand of high value encash transactions. However, for this purpose, the High Denominations Bank Notes Demonetisation Act, 1978 would
find
that high denomination bank note has been defined in Section
2 (d) to mean a bank note of the denominational value ... Bank Notes (Domination Bank Notes
(Demonetization) Ordinance, 1978 is the wiping out of a
public debt owing to the holders of the high denomination
bank
high denomination bank notes within and after the stipulated period, read as under :- "7. Exchange of hh denomination bank notes held by other persons ... similar explanation that the high denomination notes were acquired by them by exchanging notes of lower denominations and that none of them know the names
high denomination notes for notes of smaller denominations on certain conditions.
Therefore all that a person who held high denomination notes ... provided for the exchange of high denomination bank notes held toy any one for notes of smaller denomination or for other valid legal tender. This
bank notes of the denominational value of one hundred rupees in exchange for any high denomination bank notes tendered for such exchange which have been ... supply for notes produced, coins and notes of other denominations and this is irrespective of the fact whether the Bank Notes produced continue
observed as under:
"The case involving the encashment of high denomination notes are quite
numerous. In some of them, the explanation tendered ... that the assessee held the amount or part of it in high denomination notes. In other
words, in such cases, the assessee was held, prima
observed as under:
"The case involving the encashment of high denomination notes are quite
numerous. In some of them, the explanation tendered ... that the assessee held the amount or part of it in high denomination notes. In other
words, in such cases, the assessee was held, prima
